Bearish Divergence on EURCAD daily
Seeing a long opportunity on USDCAD
Daily Chart
- Bullish Divergence
- Price resting on rising trend line
- Price is in line with previous resistance
- Stochastic oversold.
What you think guys ???
Just as Big Pippin mentioned in today’s Chart Art, USD/CAD has been moving sideways inside a tight 35-pip range as it found support at .9915 and resistance just a bit above .9950. At the same time, stochastic is pointing down from the overbought region, suggesting that a selloff could be in play. This could work out for a quick day trade!
Hi,
I am only a newbie to this. I want to share my thoughts to see, if this is right or not…
I have short Bias on a long term, because
- cross down SMA
- MACD cross down (Divergence latest two tops)
- Stochastic above 20,n not oversold (Divergence latest two tops)
I better have to wait for another confirmation, right? Such as a bearish candle closes below Support 0.99?
Can it drive down to the Low one year ago?
TP 0,95
SL 1,005
Thank in advance to comment my weird thoughts.
Regards,
Jensen
Here’s one for the Loonie bears! After dropping below the .9900 handle last week, USD/CAD looks like it’s consolidating just above the .9850 handle. Okay, I still have my short USD/CAD trade ready, but hey, we can’t discount that a falling wedge sometimes signals a reversal, right?
Boy, does USD/CAD sure love to range! The pair is currently moving sideways between the .9830 support and .9880 resistance. Right now, the pair is testing the bottom while stochastic just reached the oversold mark. Does this mean that a rally back to .9880 is in the cards?
Those who regularly read the Comdoll Trading Kit know how much I love pointing out USD/CAD’s strong reaction to the .9850 handle. This time around the level is still intact as a support despite the number of attempts to break it last December. But does this mean that USD/CAD is on its way up? Watch this one, folks!
Don’t look now but there’s a bullish divergence forming on USD/CAD’s daily chart! I’m seeing a few indecision candles on the support level too, which means that it could still be a toss up between the bulls and the bears at this point. I’d probably wait for stochastic to cross up before going long. How about you?
Hey Dol, Happy New Year.
I like what you are showing on the USDCAD. I just closed a short from a couple of months ago (carry trader these days). Seems like we will see a little retracement as the comdols wallow through. Hope to jump back in once we get a retrace on gold and perhaps the debt ceiling becomes an issue.
Happy New Year, foricks!
I hope you got to profit from the recent dollar strength! What levels are you looking at for a retracement trade? 
If you’re not too keen on buying the Greenback against the yen, then you could always look at the potential bullish pennant breakout on USD/CAD’s 1-hour chart. Stochastic is already oversold anyway, and it looks like the week’s open price (.9920) is holding up pretty well. A tight stop below the pennant’s support is a good idea if you think that the Loonie is headed south against the Greenback.
Is that a rising channel that’s about to form on USD/CAD? On its 4-hour time frame, the pair has been making higher lows and higher lows, signaling that an uptrend is in place. The pair just reached the top of the channel though and stochastic is moving out of the overbought zone. Could a selloff be in the works?
If the BOC’s dovishness is a tragedy, why is USD/CAD holding at parity? If you remember, the 1.0000 area has served as a pretty good resistance level last week. It looks like USD/CAD is about to revisit the level though, so make sure that your eyes are peeled for a possible retest of last week’s major level!
Hit Stop Loss. No Problem. -30 pips
Are you thinking of going long at .9850? Looks like it’s a major psychological level for USD/CAD. Almost as significant as parity, in fact. But that’s just me
Missed the rally. Price has already reached Parity without a retrace to the strong support at 0.9850.
Where it will find resistance: At Parity ?. or at 1.0100 ?
